SOLLERS net profit for the first half 2008 increased by 20% - to $59 million


Consolidated net profit of OJSC “SOLLERS” due to IFRS rose up to 59 million dollars over the first half of 2008 (by 20%), company income increased by 41% up to 1 262 million dollars, EBITDA index increased by 37% up to 152 million dollars. As explained by financial director of OJSC “SOLLERS”, Nikolai Sobolev, in the first half of 2008 the company successfully continued developing automobile manufacture business segment. The income of automobile segment increased by 51% from 659 to 998 million dollars, EBITDA index rose from 62 to 100 million dollars (+61%), the EBITDA margin in automobile segment rose from 9% to 10%.

Positive financial results of the first half of 2008 enable to recommend the general shareholders meeting of OJSC “SOLLERS” to distribute profit of 16 rubbles per share for the first half of the year. The general recommended dividend rate is 548 million rubbles (Pay out ratio – 39%). The question of dividend distribution will be considered during the extra general shareholders meeting of OJSC “SOLLERS”, which is scheduled on October 21, 2008.

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